Written by Gary
US major indexes opened lower on disappointing earnings. By noontime the SP 500 had climbed into the positive arena (SPY +0.3%) while the DOW down double digits can’t make it to the unchanged line.
Here is the current market situation from CNN Money | |
 | North and South American markets are higher today with shares in Brazil leading the region. The Bovespa is up 0.68% while Mexico’s IPC is up 0.63% and U.S.’s S&P 500 is up 0.28%. |
Traders Corner – Health of the Market
Looking at the last three columns (below), the first one (Actual), is what was reported this morning. The second column (Forecast) is what analysts had forecast and the third column is the previous report. Full calendar HERE.
House Financial Services chair splits with Trump on farm relief: ‘I think Donald Trump has too much power’
Trump reportedly considering 25 percent tariff on foreign-made cars
Google wants to replace your password routine with a tiny device that plugs into your computer
This stock market isn’t as strong as you think, economist David Rosenberg says
GrubHub surges after earnings report and LevelUp acquisition
Twitter shares are soaring, and the stock could see a bigger move when it reports this week
What Is Moving the Markets
| Here are the headlines moving the markets. | |
| Tariffs cause GM, FCA to trim 2018 profit forecasts, stocks hitTariffs were partly to blame for lowered full-year forecasts by General Motors Co and Fiat Chrysler Automobiles NV (FCA) , pummeling the stocks of both automakers on Wednesday as investors feared escalating trade disputes would hurt margins and sales. |
| Sinclair, Tribune shares jump after Trump knocks FCC in tweetSinclair Broadcast Group Inc and Tribune Media Co shares rose on Wednesday after U.S. President Donald Trump criticized the Federal Communications Commision for deferring a decision last week on their proposed $3.9 billion tie-up and a federal appeals court upheld a rules change on broadcast ownership rules. |
| Fiat Chrysler’s Marchionne dies, shares dive on profit slideFormer Fiat Chrysler chief executive Sergio Marchionne has died after a 14-year career in which he helped to rescue the carmaker, the news arriving on Wednesday moments before the group reported a surprisingly heavy fall in profit. |
| Trade concerns, earnings haunt equity market rallyA three-day world stock market rally threatened to stall on Wednesday as investors fretted over the impact of tariffs on corporate earnings and awaited a meeting between U.S. and European officials that could inflame a trade war. |
| Strike-hit Ryanair warns of job losses as cuts Dublin fleetRyanair has told more than 300 pilots and cabin crew that they risk losing their jobs as it cuts its Dublin-based fleet by 20 percent for the winter season after strikes hurt bookings in its home market. |
| Wall Street treads water as Boeing, GM results keep tariffs in focusDisappointing earnings reports from Boeing, General Motors and AT&T weighed on Wall Street’s main indexes on Wednesday, though a slight uptick in health and tech stocks helped keep the S&P 500 at one-month highs. |
| Insurer Anthem profit beats estimates on lower patient costsAnthem Inc reported better-than-expected profit on Wednesday, driven by higher premiums and lower patient medical costs even as less people enrolled in its insurance plans. |
| Fiat Chrysler cuts 2018 outlook, shares tumbleFiat Chrysler reported second-quarter operating profit below expectations on Wednesday, sending its shares down by as much as 14 percent as the carmaker cut its full-year outlook in response to a weaker performance in China. |
| Coca-Cola results pop as consumers turn to Diet Coke, Zero SugarCoca-Cola Co topped Wall Street estimates for quarterly sales and profit on Wednesday, as more consumers bought its healthier soda options such as Zero Sugar and new flavors of Diet Coke, sending its shares up 2.7 percent. |
| Turkey “Frees” American Pastor To House Arrest Following Congress F-35 BanA Turkish court has ruled that F35 stealth jets…”poor health” is the reason for the transfer of an American pastor who has been held for two years on “terrorism” and “espionage” charges. It appears yesterday’s controversial Congressional vote to block sale of Lockheed Martin’s advanced F-35 stealth fighter to Turkey may already be having an effect as less than 12 hours after the House and Senate adopted the legislation, American Pastor Andrew Brunson has been released from a Turkish prison and placed into house arrest.
Brunson’s family is “elated” according to media statements. His wife reportedly waited for his release from a prison in the western part of the country. He will be confined to his residence in Turkey where he can have interaction with his family and move freely within the confines; however, he will continue to proceed through his trial in the Turkish legal system. |
| Trump’s Hollywood Star Smashed To Pieces, Suspect In CustodyWe wonder if the Secret Service has been notified yet, or perhaps Trump’s producers from The Apprentice? Someone took a pickaxe to the president’s star on the Hollywood Walk of Fame, reportedly at around 3:30 a.m. on Wednesday, leaving a pile of rubble and the instrument of destruction behind, perhaps as they thought it’d be more photogenic. Though it’s not the first time the pink stone star has been vandalized — it had previously undergone restoration after a 2016 incident — in this particular instance the vandal appears to have obliterated it. Local media reports say there are witnesses, now talking to police, who describe a male stopping at the star located along Hollywood Boulevard near Highland Avenue. He took out a pickaxe which had been concealed in a guitar case and quickly went to work. The star-smashing suspect has reportedly turned himself into police after notifying … |
| Booming Profits & One-Time BenefitsAuthored by Michael Lebowitz via RealInvestmentAdvice.com,
It is easy to be upbeat about the stock market. Currently, as second quarter earnings are being released, the S&P 500 is expected to post a second consecutive quarter of earnings growth in excess of 20%. The first two quarters of 2018 will show the strongest two consecutive quarters of growth since 2010, when earnings were recovering from the fallout of the financial crisis. The recent strength in corporate profits is attributable, in large part, to the federal tax overhaul late last year, but there are other factors contributing as well. The U.S. economy is showing strength, employment data remains strong and consumer spending is upbeat.
Although recent economic output has been encouraging, the Federal Reserve and other forecasters expect it to slow once again as the effects of recent policy pass through the system. In other words, the profit growth from tax reductions is a one-time benefit. It lacks sustainability and comes with the additional challenge of highe … |
| EU Plans $20 Billion In Retaliatory Tariffs Hours Before White House MeetingShortly ahead of when European Commission President Jean-Claude Juncker and the EU’s trade chief Cecilia Malmstrom are set to meet with President Donald Trump at the White House, scheduled for 1:30pm ET, Reuters reports “the European Commission is drawing up a list of $20 billion of U.S. goods to hit with duties if Washington imposes tariffs on imported cars.” Malmstrom made the announcement soon after arriving in Washington, in an early Wednesday interview telling Swedish newspaper Dagens Nyheter, “We hope that it doesn’t come to that and that we can find a solution. If not, the EU Commission is preparing a rather long list of many American goods. It would be around $20 billion.” There’s little that’s expected from the meeting, where it appears the European side has set the bar low at simply damage control — attempting to de-escalate and in one European official’s words “de-dramatize” what’s been a quickly escalating tit-for-tat trans-Atlantic trade crisis. |
| Google’s Costly Traffic Jam EasesThe internet giant’s strong results help offset growing worries about costs and political risks. |
| China Stimulates Again, but Don’t Expect FireworksChina analysts have spent the past three months arguing about whether Beijing will stimulate the economy as growth slows. The answer is now apparent, but what does that mean for markets? |
| June 2018 Headline New Home Sales DisappointingWritten by John Lounsbury and Steven Hansen The headlines say new home sales declined. Median sales prices were lower.
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| Bond Report: U.S. government bond yields retreat as investors await Trump-Juncker summitU.S. government bond yields edge back on Wednesday as fixed-income investors watch geopolitical centered on trade between Washington and its international trade partners and as investors await an auction of bonds due later in the session. |
| The Tell: Trump-Juncker meeting pivotal for European corporate bond market: Bank of America Merrill LynchAhead of the Trump-Juncker meeting, one analyst at Bank of America Merrill Lynch say an escalation of trade tensions could roil the European corporate bond market |
| Market Snapshot: S&P 500, Nasdaq rise but Dow weighed by Boeing; Trump-Juncker meeting in spotlightU.S. stocks trade mostly higher Wednesday as second-quarter results continues to point to strength in swath of American corporations. |
Social media images showing the aftermath circulated widely Wednesday morning.
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